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Video instructions and help with filling out and completing california residency laws
Hello I'm Scott J Letourneau CEO of Nevada corporate planners today we're gonna cover the five costly mistakes to avoid when forming a California LLC costly mistake number one not knowing the options and how the LLC is taxed federally you have four options you are LLC at the federal level could be a disregarded entity that means if you have earned income it'll show up on Schedule C in your personal tax return you also could be taxed as a partnership or an S corp or C corporation at the federal level keep in mind if you're forming an LLC taxed as an S corporation you'll have to file form 2553 at the IRS in California also requires an additional form to be filed at the state level C corporation file form 8832 federally costly mistake number two is not knowing how the LLC will be taxed at the state level in California you have four options if your disregarded entity you would pay an estimated amount of tax liability each quarter if you're an LLC taxes a partnership at the state level in California we'd pay an annual franchise tax fee of $800 plus the worldwide gross receipts tax which is the table that kicks in at $250,000 of gross revenue above that table means that 250,000 to 500,000 for example of gross revenue you'd pay an additional $900 a worldwide gross receipts tax the table goes up to if you did five million or more gross revenue you'd pay the maximum 11 thousand seven hundred ninety dollars at the state level for a worldwide gross receipts tax you also at the state level if you had an LLC taxes an S corporation you'd pay 1.5 percent tax on net profits meaning a minimum of eight hundred dollars a year they do waive the $800 minimum tax fee the first year of an S corporation keep in mind depending upon your profit level you may be paying that fee anyways for example if you were going to have a net profit of fifty three thousand three hundred thirty three dollars times one and a half percent you'd pay about eight hundred bucks on that first year see LLC taxes a c-corporation would pay 8.84% net profits you will pay a minimum of $800 of franchise tax per year costly mistake number three is forming an S corporation versus an LLC taxes an S corporation to save the hundred dollar franchise tax fee up front I talked about this a little bit the LLC tax is an S corporation has an extra layer liability something called the charging order protection which makes a little more difficult for somebody to get controlled the membership or the ownership of an LLC although californian 2004 changed their charging order statutes to make it a two-step process it still has some extra layers of protection it's very typical for somebody just want to form an S corp because you don't have to